How to set up a 50/50 real estate partnership?

[John Geldert]

Hey Bp looking for some more of your great advice/help.

So today a long time friend and I verbally decided to get involved in a 50/50 partnership. He would provide 100% of the capital needed for our venture and I would take care of everything else. The business plan is to initially flip homes then once we grow, to rehab and hold. I came up this this proposal along with a written business plan that he has already gone over. 

I already have a sole proprietor LLC set up and plan to set up one I believe as an "s" corp to include the partnership. I have been to Usleagal already and will have it set up through an accountant, but in the meantime I would like to get my friend/partner more info on our future LLC. I'm looking for any info on this topic. This entity is all new to me and appreciate any and all advice. Thanks!